The Reliance Industries scrip had a highly volatile day out on the bourses. In early trades, the counter hit a low on Anil Ambani's statement that considering a buyback at this stage was completely inappropriate as there were several other issues that the group faces and those needed to be addressed. |
But the scrip recovered in afternoon trades after the company announced that at the meeting of the board of directors, the entire board, with Anil Ambani, VC & MD, abstaining, has approved the proposal for buyback of the fully paid equity shares of Rs 10 each from the open market through stock exchange(s) route at a price not exceeding Rs 570 per equity share payable in cash, upto an aggregate amount not exceeding Rs 29,990 million. |
The counter hit an intra-day high of Rs 544.80 and a low of Rs 505, before eventually closing lower at Rs 516.85, down 1.29 per cent from its previous close. More than 77.70 lakh shares were traded on the BSE. |